American Bankers Mutual Insurance, Ltd. (ABMI), the reinsurer of the ABA-endorsed insurance program, has declared a $1.1 million distribution to current member banks of the American Bankers Association (ABA) that have D&O, Financial Institution Bond and related insurance from ABA Insurance Services. $81.2 million has been declared in total distributions since 1991. Notifications will be sent in February to insureds and agents with more information and distribution amounts.
“The ABA-endorsed insurance program is the banking industry’s only professional liability insurance mutual company owned by the insureds – our participating ABA member banks,” said Steve Wilson, chairman and president of American Bankers Mutual Insurance Ltd. and chairman and CEO, LCNB National Bank in Lebanon, Ohio. “And they can have peace of mind with coverage from an A+ rated insurance carrier (A.M. Best).”
Read the press release from the American Bankers Association.